BankTech

ANZ Internet Banking’s First Digital Upgrade in 13 Years Goes Horribly Wrong

MEDICI

Following the announcement to revamp the online and mobile banking experience, Australia and New Zealand Banking Group (ANZ) relaunched its Internet banking system with very disappointing results. The goal to provide smooth and consistent user experience across all devices turned to a massive frustration as the system was shut down for six hours as part of the upgrade and looked nothing like what was expected. Speed and complicated navigation were among the top mentioned complaints from angry customers.

1

Source: ANZ’s official Facebook page

With the promise to make banking as simple & secure as possible and the six-hour shutdown, AMZ provoked a storm of anger from customers, leaving complaints across social media, including bank’s official Facebook page. Realizing the failure, ANZ apologized to the customers and brought back its goMoney app.

Failures are happening, but this particular one by ANZ is a major damage to the bank's reputation as this was the first digital upgrade in 13 years. The new platform was supposed to simplify the experience, but instead of streamlining the functionality, customers were locked out of their accounts for two hours.

Apologizing for the outage, ANZ posted on the official Facebook page, “Our team are currently investigating the issues with logging in to goMoney and Internet Banking—our sincere apologies for the inconvenience. We’ll update you here when we get more information, thank you for your patience.”

Expecting a lot of questions, the bank invited anyone who has issues to message and get things figured out, “If you still have issues please private message us & we’ll investigate. We continue to look into the issues with Internet Banking & will update you again when we have more info. Thanks for your patience.”

As the incident happened, the stock price of ANZ saw a certain drop during Monday, November 30 from $27.47 per share at the maximum to $27.15.

2

Source: The Australian

Even though the last move from ANZ Bank was a major failure, the company demonstrated an upward trend in financial performance in the last several years. According to the income statement, the company's net income raised more than 32% since 2012, which is a very impressive result. In Q3 2015, its net income went up by almost 14% in comparison to Q2 2015.

As a reminder, last week, ANZ shared news on its system update with The Australian. Matt Boss, ANZ’s Managing Director of Products and Marketing, said to The Australian, “There were vast improvements to be made and this is a very welcome change. Most customers will, I think, really appreciate it. There’s no doubt (that) whenever you create change, it will create some level of annoyance for some customers. But in all the testing we’ve done, this scores as good as any around usability and experience for customers.”

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

Apply to Become a Contributor